“In my experience you rarely see public company management do this. Additionally, the Board of Directors cut their compensation significantly in May of 2013. These actions were taken in the best interest of the Company and our stockholders.
I believe the dilution involved with the issuance of the warrant in connection with the incurrence of subordinated debt is very manageable and allows a lender like this to make an investment in Lakeland. Management believes this is a favorable deal for stockholders' value in the long term, given the more dilutive offers made by all other parties talked to with similar investment goals in Lakeland over the last year."
Lakeland Industries Inc.